Profits flow for Reece after expansion

Plumbing group Reece Limited has delivered on its promise of a record full-year result, lifting profit 6.1 per cent to $225 million.

The ASX-listed firm says profit for the 12 months to June 30 rose from $212 million a year ago as revenue rose 10.7 per cent to a record $2.69 billion following the addition of 28 new stores, 16 through the acquisition of Viadux in Australia and Heatcraft New Zealand.

Reece is also expanding into the United States with a $1.9 billion ($US1.44bn) deal to buy US plumbing distributor MORSCO, but that deal completed in July after the close of the last financial year.